Oil and Gas associations stress the importance to protect the industry’s development in a document directed to the presidential candidates, CRE announce the relaunching of an open season for PEMEX and American oil giant Conoco Phillips corners the Venezuelan government by confiscating two cargo shipments.
Eager to see how the industry is going? Continue reading on the most relevant O&G below:
Mexican crude reaches US$67.21 per barrel, its highest price in 2018 so far. Fear over reductions in Iranian crude production and Venezuela’s productive downfall stand as the leading motives for this trend.
México con Energía, the association comprised by AMEXHI, ASOLMEX, AMDEE, AME, COMEXI y AMGN, presents a 10-point manifesto to the presidential candidates calling on the key role of the oil and gas industry for the country’s development. The document stresses the need to preserve energy security and competitiveness in Mexico.
PEMEX launches a debt emission for 4.5 billion euros that will be carried by Deutsche Bank, BBVA and Santander.
CRE authorizes the relaunching of PEMEX’s open season to allow access to transport infrastructure and hydrocarbon storage in the Pacific coast and in the border with the US. The procedure will take place in June and opens the ports of Topolobampo, La Paz and Mazatlan.
CRE approved 14 new laboratories to analyze fuel quality, adding up to the 93 laboratories that were previously approved earlier this year. 11 of these laboratories belong to PEMEX, while the other 3 belong to private entities.
Private Sector Activity
Petrofac announces the sale of its Mexican onshore fields in Santuario, Magallanes and Arenque. The UK-based multinational hired British banks HSBC and Barclays to carry the transaction. Petrofac was the first foreign company to operate oilfields in Mexico back in 2012.
Bulkmatic announces a MX$2.1 billion investment project for storage infrastructure in northeast Mexico. The company expects to further connect fuel producing companies in Houston for hydrocarbon imports to Mexico.
Repsol approves a US$400 investment plan for its station services throughout Mexico in the next four years. The company also announced the beginning of its lubricant production in Mexico in the following week.
Hokchi Energy receives CNH’s green light on its development plan which entails US$2.5 billion to invest in its Gulf of Mexico field. The development plan contemplates the installation of two platforms with seven producing wells and seven injecting wells.
Conoco Phillips seizes assets from Venezuela’s PDVSA after the International Chamber of Commerce resolves in its favor on the company’s long-standing dispute with the Venezuelan NOC. Conoco led two shipment confiscations amounting US$300,000 in the Caribbean sea in a mission to enforce the US$2 billion debt defaulted by PDVSA.
India announces financial support from Saudi Aramco and Emirati ADNOC for its planned US$44-billion Ratnarigi refinery and petrochemicals project. The refinery is expected to be completed by 2022 and will have a production capacity of 300,000 million b/d.
Ghana launches a licensing round for nine blocks off its west coast in 2018. Ghana’s commercial crude production just started in 2010 and is around 180,000 bpd
For more articles on Mexico’s oil and gas industry, check out our blog!